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Mcdonough Home Buyers and Their Earnest Money Safety Net
When a young Mcdonough home buyer first hears the term “earnest money deposit,” the words alone pretty much explain the general concept. But I make sure to clarify the details before we begin to put together our offer.
The purpose of the earnest money deposit is to assure the seller that this is a buyer who is serious about completing the sale. If the seller does accept the offer, the earnest money is held in trust until it can be applied to the ultimate sale.
Since this deposit is a considerable sum, I make sure my buyer client fully understands the terms that control how it is handled—including three major happenstances by which earnest money might be forfeited. Each is avoidable if proper care is observed.
          If sufficient mortgage financing cannot be obtained or if the Mcdonough property fails inspection, the offer’s contingencies should specify that the earnest money will be returned. That’s why submitting an offer that waives those contingencies should be avoided. There are a few exceptions—for instance, it might be reasonable to waive a mortgage-financing contingency when competing with an all-cash buyer (but only if a lender has already granted conditional approval). Another exception occurs ... more

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